Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
Current assets    
Cash $ 372,989 $ 228,956
Accounts receivable, net of allowance for doubtful accounts of $225,000 and $63,727, respectively 7,529,785 6,711,595
Unbilled revenue 5,813 11,754
Prepaid expenses and other current assets 238,075 259,712
Total current assets 8,146,662 7,212,017
Property and equipment, net 1,374,152 2,123,672
Other assets    
Goodwill 9,853,342 9,853,342
Intangible assets, net of accumulated amortization 10,451,593 9,441,681
Other assets 865,179 35,170
Total other assets 21,170,114 19,330,193
Total assets 30,690,928 28,665,882
Current liabilities    
Accrued expenses and other current liabilities 4,057,340 2,489,834
Accounts payable 7,520,567 9,499,541
Notes payable 0 250,000
Derivative liability 182,250 0
Financed receivables 3,381,364 1,859,853
Convertible promissory notes, current portion (net) 536,806 0
Total current liabilities 15,678,327 14,099,228
Long-term liabilities    
Deferred tax liability 2,019,200 2,339,832
Convertible promissory notes, net of current portion (net) 0 1,000,000
Other long-term liabilities 452,051 193,007
Total long-term liabilities 2,471,251 3,532,839
Total long-term liabilities    
Preferred stock, $.001 par value: Authorized shares - 500,000 - none issued and outstanding 0 0
Common stock, $.001 par value: Authorized shares 100,000,000; issued shares 52,276,694 and 32,757,817 respectively; Authorized shares 40,000,000; issued and outstanding shares 51,900,167 and 32,381,290, respectively 52,223 32,759
Additional paid-in capital 144,843,687 138,867,509
Accumulated deficit (130,958,001) (126,469,894)
Treasury stock, at cost - 376,527 shares (1,396,559) (1,396,559)
Total stockholders' equity 12,541,350 11,033,815
Total liabilities and stockholders' equity $ 30,690,928 $ 28,665,882